Cannabis exports in Australia is booming. Australia’s legal cannabis market was valued at US$51.8 million in 2021 and is expected to grow at a CAGR of 30.1 percent from 2022 to 2030. According to a study from Grand View Research, the growth of the market is propelled by the increasing public knowledge of the health benefits of cannabis intake. With government support and companies continuing to develop their overseas strategies, cannabis exports in Australia will be one to watch in the future. The global cannabis market is predicted to expand greatly in the coming years, reaching an estimated US$128.92 billion by 2028 at a compound annual growth rate of 26.19 percent.
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In December 2019, the federal government granted major project status for the development of new medicinal cannabis facilities in Queensland and Victoria. Karen Andrews, then-minister of industry, science and technology, said at the time that the market’s size could reach AU$1.2 billion industry over the next decade. “Australia’s trusted reputation for medical cannabis products combined with our top quality agriculture sector will propel this new domestic industry into the global market,” she said. “By acting now and fast-tracking medicinal cannabis facilities, we have an opportunity to create an entirely new industry with tremendous export potential.”
There are 44 companies with Australian manufacturing licenses for medicinal cannabis, according to the Office of Drug Control.